Cratos Advisors has been engaged to serve as the Executive Chairman of the Board of Directors of a supplier of drilling equipment and services to domestic on-shore rig operators around the U.S. The private equity backed company is dealing with multiple challenges systemic throughout the industry as a result of ongoing depressed commodity prices and reduced drilling demand.

Ron Turcotte has assumed the role of Executive Chairman and Richard Kennedy, a Cratos Director on this engagement, noted that “the Cratos team is already developing plans to negotiate a solution to the company’s current leverage issues, identify and implement further initiatives to drive efficiency through the operations and develop a go-forward strategy that solidifies the company’s future value proposition and growth
opportunities.”

Cratos Advisors is a professional advisory firm with a staff that has assisted hundreds of debtor clients to achieve improved operations and/or survival with turnaround and restructuring programs focused on optimizing operations prior to financial restructuring. Their professional services include but are not limited to chief restructuring officer, financial and operational advisors, bankruptcy advisory, corporate recovery, crisis management, interim management, mergers & acquisitions, operational evaluations, refinancing and the sale of businesses or assets.